Wallenius Wilhelmsen (WAWI) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong shipping and logistics performance with full fleet utilization and robust demand from Asia, especially China, despite higher fuel costs and Middle East conflict impacts.

• Adjusted EBITDA for Q2 2026 was USD 361m, down 7% quarter-on-quarter and 24% year-on-year, mainly due to increased bunker expenses and digital transformation costs.

• Logistics services improved profitability through operational efficiency and an improvement program.

• Dividend of USD 0.61 per share for H1 2026, totaling USD 258m and including an extraordinary USD 100m dividend, was approved.

• Maintained a strong market outlook and full-year adjusted EBITDA guidance of about USD 1.6bn.

Financial highlights

• Q2 2026 revenue was USD 1,305m, up 4% quarter-on-quarter but down 3% year-on-year; adjusted EBITDA margin was 28%.

• Net profit for Q2 2026 was USD 138m, down 22% quarter-on-quarter and 66% year-on-year; EPS was USD 0.29.

• Operating cash flow for Q2 was USD 260m, down 19% quarter-on-quarter; cash conversion ratio was 72%.

• Net interest-bearing debt at quarter end was USD 2,011m; liquidity reserves stood at USD 1.2bn.

• Cash and cash equivalents at quarter end were USD 627m, down 30% quarter-on-quarter.

Outlook and guidance

• Maintained full-year 2026 adjusted EBITDA guidance at about USD 1.6bn.

• Strong demand from China and Asia expected to persist, with high utilization and tight capacity in Shipping services.

• Anticipate recouping higher fuel costs in H2 2026 as customer compensation mechanisms take effect.

• Outlook remains dependent on the duration and impact of the Middle East conflict and other geopolitical risks.

• Logistics segment expected to continue strong performance; government services to improve in H2.